HRM: Competitive Offer to Encourage Someone to Join Your Firm
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Shannon Albright has an accounting degree from a United States' accredited university. She also became certified as a CPA (Certified Public Accountant). Upon graduation she was offered, and she accepted, an entry-level accounting position at a firm in Atlanta, Georgia. She has been gainfully employed with this firm for the last five years. Recently she interviewed with your firm which is located in Boston, MA. You, working for the human resources department, want to hire Shannon for your organization's Financial Accountant position.
You know Shannon is a strong candidate and you want to develop a competitive offer that will attract Shannon yet still fit within the company's budget and compensation structure (i.e. considering both internal and external equity).
With this in mind, you are asked to prepare the offer for Shannon. The following will be included in this package and should be specific to Shannon and this situation:
Compensation package- what pay rate will you offer (using salary survey research as support). What else may be included in the compensation package?
Incentive plan- what performance based incentives does this offer include?
Benefits plan - what specific benefit plans does this offer include?
It is important to provide the necessary supporting details to explain the incentives and benefits being offered. The more detail you provide, the better educated Shannon will be to make her decision to accept.
Along with these packages you will include a one page cover letter addressed to your supervisor that outlines what you propose to offer. This cover letter should explain and justify the compensation package, incentive plan, and benefits plan. Your detailed plans will then follow that cover page.
Using the Internet and Library, locate all necessary information for constructing these three packages. This is a research assignment so be sure to include and cite your research within the paper. For more information on APA, please visit the APA Lab.
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Solution Summary
This solution creates a competitive offer to encourage Shannon Albright to join the firm.
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I. Compensation
The current national average salary for this position is $66,000. The salary we will offer Shannon will be $70,000 to make the offer from our firm attractive. The standard company sponsored components of the compensation package will be health insurance, life and disability insurance, a 401(k) plan, 21 yearly paid time-off days.
II. Incentive plan
An employee bonus will be offered in accordance with company policy and based upon her annual performance evaluation. The bonus will range between 10 - 15% of her annual salary based upon her overall rating and accomplishment of both company and individual incentive goals.
III. Benefits plan
She will be eligible for the company sponsored health plan upon completion of 90 days employment. The health plan is a Blue Cross / Blue Shield PPO plan and can be extended ...
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